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Anyway, what was the purpose of the 2 discs? Alarm and second time zone?

 

They are used to set the alarm time in hours (small triangular index) and minutes (long perpendicular bars). The Omega memomatic is the only one, AFAIK, that provides that possibility with the Lemania cal. 1980. Other models that use this caliber can be set to alarm with only the hour marker, to an approximate fraction of the hour.

Here's mine:


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